Saham UPL terus diperdagangkan di bawah tekanan, mencapai level terendah selama empat bulan di Rs 399 setelah tergelincir 4 persen di BSE pada hari Rabu. Saham perusahaan agrokimia tersebut diperdagangkan pada level terendah sejak 15 Juni 2020, saat menyentuh level terendah Rs 398 dalam perdagangan intra-day.

Dalam tiga hari terakhir, saham tergelincir 12 persen setelah perusahaan melaporkan kinerja operasional dan laba yang lebih rendah dari perkiraan pada kuartal September (Q2FY21). Margin Ebitda (laba sebelum bunga, pajak, depresiasi, dan amortisasi) meningkat 50 basis poin menjadi 20 persen. Margin kotor menyusut menjadi 40 persen dari 42 persen, karena perubahan dalam bauran produk / geografi, penurunan harga dan dampak pertukaran.

Revenues were up 14 per cent higher year-on-year (YoY), driven by Latin America/ India/ RoW markets while Europe/North America markets grew in single digit. Profit after tax of the company grew 47 per cent YoY during the quarter, mainly due to increase in other income, lower interest cost and lower tax rate.

However, the management maintains revenue guidance of 6-8 per cent and 10-12 per cent in Ebitda. The growth will be driven by a focus on differentiated solutions as well as new product launches. Price increases in local currencies and cost savings will support margins, it said.

Debt remains a key concern as net debt increased by Rs 178 crore versus March 2020. Overall, balance sheet of the company has not shown significant improvement and cash flow from operations was also under pressure due to higher inventory, Motilal Oswal Securities said in result update.

Analysts at Emkay Global Financial Services do not anticipate any meaningful change in receivable days except if UPL goes for higher factoring. The brokerage firm believe that the improvement in payables would be offset by slightly higher inventory levels going ahead as its Mar-20 inventory was lower on account of supply disruption.

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